REG - GreenX Metals Ltd - Half Year Accounts
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RNS Number : 3856W GreenX Metals Limited 12 March 2026
Interim Financial Report
for the Half-Year Ended
31 December 2025
GreenX Metals Limited
ABN 23 008 677 852
CORPORATE DIRECTORY
DIRECTORS: BANKERS:
Mr Ian Middlemas Chairman
Mr Benjamin Stoikovich Director and CEO National Australia Bank Ltd
Mr Garry Hemming Non-Executive Director
Australia and New Zealand Banking Group Ltd
Mr Mark Pearce Non-Executive
Director
Mr Dylan Browne Company Secretary SHARE REGISTRIES:
Australia:
PRINCIPAL OFFICES: Computershare Investor Services Pty Ltd
London:
Level 17, 221 St Georges Terrace
Unit 3C, 38 Jermyn Street
Perth WA 6000
London SW1Y 6DN
Tel: +61 8 9323 2000
United Kingdom
Tel: +44 207 487 3900
United Kingdom:
Computershare Investor Services PLC
The Pavilions, Bridgewater Road
Australia (Registered Office):
Bristol BS99 6ZZ
Level 9, 28 The Esplanade
Tel: +44 370 702 0003
Perth WA 6000
Tel: +61 8 9322 6322
Fax: +61 8 9322 6558
Poland:
Komisja Nadzoru Finansowego (KNF)
Plac Powstańców Warszawy 1, skr. poczt. 419
SOLICITORS:
00-950 Warszawa
Thomson Geer
Tel: +48 22 262 50 00
AUDITOR: STOCK EXCHANGE LISTINGS:
UHY Haines Norton - Sydney
Australia:
UHY ECA - Poland
Australian Securities Exchange - ASX Code: GRX
United Kingdom:
London Stock Exchange (Main Board) - LSE Code: GRX
Poland:
Warsaw Stock Exchange - GPW Code: GRX
CONTENTS
Directors' Report
Directors' Declaration
Consolidated Statement of Profit or Loss and other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Condensed Notes to the Consolidated Financial Statements
Auditor's Independence Declaration
Independent Auditor's Review Report
DIRECTORS REPORT
The Directors of GreenX Metals Limited present their report on the
Consolidated Entity consisting of GreenX Metals Limited (Company or GreenX)
and the entities it controlled during the half-year ended 31 December 2025
(Consolidated Entity or Group).
OPERATING AND FINANCIAL REVIEW
Operational Highlights
Highlights during and subsequent to the half year end include:
· German Project - Tannenberg Copper Project
· Historical estimate:
o During the period, the Company announced an historical estimate of 728,000
tonnes contained copper (1,605 Mlbs) at an average grade of 2.6% copper at
part of the Tannenberg Copper Project (Tannenberg or Project)
§ Estimate based on a 1935-1938 National Socialist Government drilling
campaign across four zones: Ronshausen, Hönebach, Wolfsberg and
Schnepfenbusch
§ Drilling targeted the thin Kupferschiefer horizon only
§ Focused only on copper and did not include by-product metals
§ A total of 250,000 tonnes of contained copper was omitted in the historical
estimate to account for areas where surface features might prevent mining
o Independent company St Joe Exploration GmbH conducted limited drilling
between 1980 and 1984, further validating the 1940 historical estimate
§ Drilling focused on only 28% of the Ronshausen zone but included by-product
silver
§ Drilling identified up to 3.45m thick mineralisation straddling the
Kupferschiefer and the limestone hanging wall and sandstone footwall above and
below the Kupferschiefer
§ 1984 historical estimate shows consistent grades of 2.1% copper plus 25 g/t
silver with 169,000 tonnes of contained copper and 6.5 million ounces of
silver
o Exploration upside potential under modern interpretation: St Joe
Exploration confirmed thicker widths of copper and silver mineralisation at
Ronshausen, and more may exist up to 30m above and 60m below the
Kupferschiefer in the limestone hanging wall and sandstone footwall
o Cautionary statement: The historical estimates in this announcement are
not reported in accordance with the JORC Code (2012) (JORC Code). A competent
person has not done sufficient work to classify the historical estimate as a
mineral resource or ore reserve in accordance with the JORC Code. It is
uncertain that following evaluation and/or further exploration work that the
historical estimate will be able to be reported as a mineral resource or ore
reserve in accordance with the JORC Code
· Modern Assays Validate Historical Copper Grades:
o High-grade copper intercepts confirmed: Modern assays from archived drill
cores confirm historical grades with intercepts of 1.0-3.7m at 0.7-2.7% copper
and 10-55 g/t silver
§ Ro 23: 1.5m at 2.7% copper and 55 g/t silver
§ Ro 45: 2.4m at 1.4% copper and 18 g/t silver
§ Ro 25: 1.0m at 2.0% copper and 41 g/t silver
§ Ro 17: 1.3m at 1.2% copper and 24 g/t silver
§ Ro 15: 3.7m at 1.2% copper and 17 g/t silver
§ Ro 38: 1.8m at 0.7% copper and 15 g/t silver
o Mineralisation thicker than 1940 historical estimate: New intercepts
demonstrate widths of 1.0-3.7m, significantly exceeding the maximum thickness
used in the 1940 Historical Estimate (refer to announcement dated 20 October
2025)
o First Modern Assays for over 40 years: Results from re-sampling of 1980s
drill core from holes located up to 12km apart show comparable or higher
grades and thicker intercepts than original analysis, validating historical
work and demonstrating resource upside and scale potential
o Confirms GreenX epigenetic model: Results confirm that mineralisation
extends beyond the narrow Kupferschiefer shale horizon into the footwall and
hanging wall, consistent with KGHM's Polish operations (589,000tpa copper
production) located on the same basement architecture
o Quality assured program: All samples meet strict QAQC standards, including
>90% core recovery, with analysis by ISO/IEC 17025 accredited laboratory
o Significant program ahead: In 2026, GreenX intends to progress an
integrated program to support future JORC Code reporting, including, continued
reprocessing/interpretation of historical geophysics and datasets, and
advancing plans for drilling to verify historical estimates and prove up
extensions to known mineralisation to underpin a future Mineral Resource
Figure 1: The Tannenberg Copper Project in relation to the locations of key
historical and currently operating mines, mineral deposits, and tenements
· Tannenberg Copper Project Acquisition:
o The Company announced the completion of the acquisition of 90% of Group 11
Exploration Gmbh (Group 11 or Vendor) which holds the Tannenberg exploration
licences
o Since signing the Joint Venture and Earn-in Agreement (JVA) in 2024, the
Project area has expanded seven-fold to cover approximately 1,900 km²,
comprising the Tannenberg 1 and Tannenberg 2 exploration licences
· Greenland - Eleonore North Project
· Targeting Gold, Tungsten & Antimony:
o Outcropping gold and high-grade antimony mineralisation now confirmed at
the Noa Prospect within the Eleonore North Project in East Greenland (Eleonore
North or ELN)
o High-grade tungsten and antimony mineralisation also identified in
Historical Estimate at the Margeries Prospects within the Eleonore North
project
§ 83kt of mineralised rock with a mean grade of 4.6% Sb at North Margeries
§ 58kt of mineralised rock grading at 3.2% W at South Margeries
§ 32kt of mineralised rock grading at 1% W at North Margeries
o Potential to identify large scale deposits in new underexplored province
with gold mineralisation associated with quartz veining at surface over a
length of up to 15 km
o Field activities initially focusing on the shallow gold and high-grade
tungsten and antimony potential are currently being finalised for 2026
o Cautionary statement: The Historical Estimates in this announcement are
not reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the Historical Estimate as a mineral resource or
ore reserve in accordance with the JORC Code. It is uncertain that following
evaluation and/or further exploration work that the Historical Estimate will
be able to be reported as a mineral resource or ore reserve in accordance with
the JORC Code
Figure 2: Overview of gold and critical metal prospects within Eleonore North.
· Eleonore North Project 2026 Work Program:
o GreenX will finalise the 2026 exploration program to define and prioritise
drill targets, including processing the historical hyperspectral survey and
undertaking field mapping/sampling at Noa to ground-truth "reduced
intrusion-related gold system" (RIRGS) targets; and at Margeries, collecting
bulk samples for W/Sb metallurgical sighter test work, reviewing archived core
for re-analysis/metallurgical sampling, and reprocessing historic
geophysics/hyperspectral data alongside field mapping to generate drill
targets
· Singapore Court Dismissed Poland's Set-Aside Application
o The Singapore International Commercial Court of the Republic of Singapore
(Singapore Court) rejected, in its entirety, the Republic of Poland's (Poland)
application to set aside the Energy Charter Treaty (ECT) award, thereby
upholding GreenX's previously announced right to compensation under the ECT
o As previously advised, in October 2024, GreenX was awarded approximately
£252 million (A$519 million / PLN 1.2 billion) in compensation and interest
in the Australia-Poland Bilateral Investment Treaty (BIT) award after the
Tribunal unanimously held that Poland breached its obligations under the BIT
and ECT
o At the time, approximately £183 million (A$378 million / PLN 900 million)
was awarded pursuant to the ECT (with payments under one award offset against
the other)
o In 2025, Poland lodged a request to set-aside the ECT award in the
Singapore Court (having also lodged a request to set-aside the BIT award in
the courts of England and Wales in late 2024). The hearing for the ECT
set-aside was held in the Singapore Court in July 2025
o Subsequent to the end of the period, the Singapore Court issued a judgment
whereby it has rejected, in its entirety, Poland's application to set aside
the ECT award
o The Company has also been awarded A$1.6 million by the Singapore Court
that is to be paid by Poland to reimburse the Group for legal costs associated
with defending Poland's failed ECT set-aside motion
o Additional interest of approximately £17 million (A$34 million / PLN 83
million) has already accrued from when the Award was made in October 2024 to
end of December 2025 and will continue to compound annually until full and
final payment by Poland
o The Company is currently preparing enforcement activities following the
Singapore Courts rejection of Poland's ECT set-aside motion
o In February 2026, Poland appealed the Singapore Courts ECT set-aside
rejection. It is expected that this appeal will be dealt with expeditiously by
the Singapore appeal court with Poland then having no further rights of appeal
through the Singapore courts
· Corporate
o Subsequent to the period, the Company announced that it had completed a
placement to raise gross proceeds of approximately A$13.6 million which will
be be used for exploration and development activities at the Company's
Tannenberg Copper Project in Germany (Tannenberg) and at Eleonore North, and
general working capital, including costs in relation to the Company's ongoing
arbitration proceedings against Poland
Operations
Tannenberg Copper Project (Germany)
Tannenberg is a large scale, relatively shallow and potential high-grade
copper brownfields exploration project that is strategically located in the
heartland of German industry.
Copper is currently recognised as a strategic raw material by the European
Union.
Prior to closure in the 1950's, the Richelsdorf mines produced 416,500 tonnes
of copper and 33.7 million ounces of silver from Kupferschiefer type deposits.
These historic mines consisted of shallow underground workings originally
accessed from surface outcrops.
Kupferschiefer style deposits are a well-known and prolific subtype of
sediment-hosted copper deposit that are the second most prevalent source of
copper production and reserves in the world and have been historically mined
in Germany and are still mined in Poland.
Germany has been a significant mining jurisdiction in the past and continues
its mining tradition, including the K+S potash mines which operate 4 km away
from the license area and are located in the State of Hesse.
Figure 3: Tannenberg is located in the industrial centre of Europe within the
Basal Zechstein trend
(brown shading)
Tannenberg Copper Project Acquisition
During the period, the company announced that completion occurred following
exercise of its option to acquire 90% of Group 11, the company which holds the
Tannenberg exploration licences.
Since signing the Agreement in 2024, the licence area has expanded seven-fold
to cover approximately 1,900 km², comprising the Tannenberg 1 and Tannenberg
2 exploration licences (announced on 28 April 2025). The acquisition of the
completed by the Company applies to the entire expanded Project area.
Modern Assays Validate Historical Copper Grades
During the period, the Company announced assay results from its historical
core logging and sampling program at Tannenberg. These results further
validated historical exploration data from the 1980s and confirmed that
mineralisation widths are thicker than those used in the 1940 Historical
Estimate (refer to announcement dated 20 October 2025).
The Richelsdorf Mining District has been subject to significant historical
drilling, with a 95-hole drilling program completed in the mid-1930s by the
National Socialist Government. GreenX discovered the drill database from this
program in various German archives (refer to announcement dated 11 September
2025). Subsequent exploration from the 1970s onwards included copper and oil
exploration, with archived core available for modern analysis. Historical
analysis of the archived cores in the program, typically focused on a narrow
5m-wide interval across the Kupferschiefer shale.
Historical exploration was constrained by the prevailing geological model,
which assumed copper mineralisation was syngenetic and restricted to the thin
Kupferschiefer shale. This limitation meant sampling focused on a narrow
interval, typically only 5m around the Kupferscheifer horizon, rather than the
up to 90m intervals that characterise economic Kupferschiefer deposits in
Poland today.
The modern understanding of Kupferschiefer copper systems, as demonstrated by
KGHM Polska Miedz (KGHM) operations in Poland, supports GreenX's epigenetic
model. KGHM produces over 589,000 tonnes of copper per annum (Source: KGHM
Annual Report 2024) from deposits similar to those at Tannenberg, with
mineralisation often occurring up to 30m above and 60m below the
Kupferschiefer shale horizon. KGHM's operations are located on the same
basement architecture as the Tannenberg Project.
2025 Core Sampling Results
The results announced in this report are historical core assay results where
over 90% of historical core was available over the target sample interval that
form part of the program. The results have confirmed that mineralisation is
present in widths which are thicker than just the narrow Kupferschiefer shale.
In this program, mineralisation widths range from 1.0 to 3.7 meters. These
results show that the mineralisation is thicker than only the Kupferschiefer
strata included in the 1940 Historical Estimate. Not only do these results
confirm that the analyses performed by St Joe in the 1980s were accurate, but
also that the concept of syngenetic mineralisation restricted to the narrow
Kupferschiefer is geologically incorrect. The results are consistent with the
expectation that considerably more mineralisation exists at the Tannenberg
project than reflected in the 1940 Historical Estimate, which was restricted
to reporting mineralisation in the Kupfershiefer shale only (refer to
announcement dated 20 October 2025).
Table 1: Results of the 2025 relogging and sampling campaign.
Locality ` Intersect (m) Cu Ag Core Recovery
(%)
(g/t)
From To Interval
Ronshausen Ro 15 285.60 289.30 3.70 1.2 17 96%
Ro 17 481.25 482.55 1.30 1.2 24 92%
Ro 23 366.00 367.50 1.50 2.7 55 93%
Ro 25 533.38 534.39 1.01 2.0 41 100%
Ro 38 536.25 538.0 1.75 0.7 15 100%
Nentershausen Ro 45 268.0 270.37 2.37 1.4 18 100%
Most holes for the six sets of assay results reported are located in the
Ronshausen area, where the 1940 Historical Estimate was subsequently validated
by the 1980's Historical Estimate produced by St Joe (refer to announcement
dated 20 October 2025). One of the assay results is from hole Ro 45 located
near Nentershausen to the north of the area covered by the 1940 Historical
Estimate, in the vicinity of the Reichenberg mine.
Figure 4: The locations of the historical estimates and the reported assay
results from the initial batch of six holes where greater than 90% of the
historical core over the target interval was available from the archived core.
Historical Estimate
During the period, the Company announced that it had identified a historical
estimate of 728,000 contained tonnes of copper (1,605 Mlbs) at an average
grade of 2.6% copper at Tannenberg from 1940 (1940 historical estimate). The
1940 historical estimate was produced by the German company Mansfeldsche
Kupferschieferbergbau AG (Mansfeld AG) and is based on the 95-drill hole
exploration campaign carried out during the late 1930s (refer to further
discussion below).
In addition, a later historical estimate from 1984 was produced by St Joe
Exploration GmbH (St Joe), which covers a small part of the same area as the
1940 historical estimate (St Joe's historical estimate).
The St Joe's historical estimate is based on limited drilling between 1980 and
1984 (refer to announcements dated 2 August 2024 and 28 April 2025). St Joe's
historical estimate provides further validation for the 1940s historical
estimate.
Cautionary statement: The historical estimates in this announcement are not
reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the historical estimate as a mineral resource ore
reserve in accordance with the JORC Code. It is uncertain that following
evaluation and/or further exploration work that the historical estimate will
be able to be reported as a mineral resource ore reserve in accordance with
the JORC Code.
1940 Mansfeld Historical Estimate
The 1940 historical estimate was calculated by Mansfeld AG according to the
relevant German standards applicable during that time. The 1940 historical
estimate is based on 18 holes from the 95-hole database generated during the
1935 to 1938 drilling campaign. The original archive document established
728,000 tonnes of contained copper at an average grade of 2.6% copper between
the Wolfsberg and Schnepfenbusch mines in the North and the Ronshausen area in
the South (Figure 3). The historical estimate covers mineralisation from a
depth of 100m in the North to 400m in the Southern end area near Ronshausen.
The 1940 historical estimate covers only the narrow width Kupferschiefer shale
mineralisation, which is notable due to the mistaken belief at the time that
copper was only present in the distinctive Kupferschiefer shale. Later
exploration campaigns have found mineralisation over much wider thicknesses
(see 1984 St Joe's historical estimate section below). This is consistent with
GreenX's exploration hypothesis that historical exploration was mainly based
on an outdated deposit model that focused on the 20-60 cm-thick Kupferschiefer
shale horizon. The modern understanding of the Kupferschiefer deposit model
now shows that up to 95% of mineable copper can be hosted in the footwall
sandstone and hanging wall limestone, as evidenced at KGHM Polska Miedź S.A's
Polish mining operations.
Figure 5: Map showing the locations of the zones of the 1940 historical
estimate, related drill holes and historical mining operations
It is also noteworthy that the 1940 historical estimate did not include
by-product silver mineralisation. The majority of the mineralisation (463,000
tonnes of contained copper) was found to be present in the Ronshausen region,
with gradually decreasing amounts to the North, where the historical mining is
to be found (refer Table 2 below).
Table 2: Summary of Historical Estimate information from the original 1940
Mansfeld report
Zone Surface Area Thickness Grade Cu Contained Copper
(m(2))
(%)
(t)
(cm)
Ronshausen 10,000,000 67.4 2.85 463,000
Hönebach 8,088,000 34.2 1.92 130,055
Wolfsberg 6,468,000 23.5 2.35 92,945
Schnepfenbusch 5,528,000 19.3 2.38 65,673
SUB-TOTAL 2.59 751,673
Less historical production (23,793)
TOTAL 727,880
Cautionary statement: The historical estimates in this announcement are not
reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the historical estimate as a mineral resource ore
reserve in accordance with the JORC Code. It is uncertain that following
evaluation and/or further exploration work that the historical estimate will
be able to be reported as a mineral resource ore reserve in accordance with
the JORC Code.
The 1940 historical estimate data provides a good level of transparency with
regard to the input data and the calculation methods used. The estimation
resulting from the drill hole data was cross-checked by Mansfeld AG against
the production grades at the Wolfsberg and Schnepfenbusch mines, which were
operating in the area at the time of 1940 historical estimate.
The comparison was favourable, and hence the assays from the exploration holes
were used. GreenX has reviewed original records covering 17 of the 18 holes
(~95%) used for the historical estimation and found no discrepancies.
Mansfeld AG made specific adjustments as part of the 1940 historical estimate
to account for sterilisation. A total of 250,000 tonnes of contained copper
was omitted to account for areas where surface features might prevent mining.
Mansfeld AG also estimated that a further 23,793 tonnes of contained copper
had already been extracted by mining at Wolfsberg and Schnepfenbusch (at a
production grade of 2.2% Copper). This amount was then subtracted from the
historical estimate, as presented in the original source document (refer Table
2 above).
1984 St Joe's Historical Estimate
Part of the Ronshausen zone of the 1940 historical estimate was drilled by St
Joe Exploration during the 1980's, resulting in recognition of the St Joe's
historical estimate more than 40 years later. Of the many holes drilled by St
Joe, a total of 14 holes were used in the estimate of 169,000 of contained
copper and 6.5 million ounces of contained silver. The St Joe's work estimated
grades of 2.1 % copper and 25 g/t silver at typical depths between 290 and
370m (Figure 4).
St Joe benefited from both technological advancements and enhanced geological
understanding in the 40 years following the work by Mansfeld AG. Consequently,
St Joe assayed wider intersections and found that the mineralisation was up to
3.45m width. The historical estimate was calculated using thicknesses of
between 1.5 to 2m, considerably thicker than the narrow Kupferschiefer assayed
and estimated by Mansfeld AG in 1940.
Figure 6: Map showing the drill holes and locations of the Ronshausen zone of
the 1940 historical estimate and the relative location of the 1984 St Joe's
historical estimate
Given the increased mineralisation thickness covered by St Joe and the fact
that the drilling covered only 28% of the Ronshausen zone, the St Joe's
historical estimate further validates the 1940 historical estimate. The
identification of much thicker mineralisation and contained silver also points
to considerable exploration upside over all five mineralisation zones covered
by the 1940 historical estimate.
Cautionary statement: The historical estimates in this announcement are not
reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the historical estimate as a mineral resource or
ore reserve in accordance with the JORC Code. It is uncertain that following
evaluation and/or further exploration work that the historical estimate will
be able to be reported as a mineral resource or ore reserve in accordance with
the JORC Code.
Ongoing Exploration Work Programs at Tannenberg
With the acquisition of Tannenberg now complete, GreenX continues to advance a
coordinated suite of exploration activities at the Project, which includes:
· Logging, assaying, and hyperspectral scanning of historical core
(ongoing);
· Reprocessing and analysis of historical geophysical data (ongoing);
· Collation of historical geological, mine development, and
production data (ongoing); and
· Planning for future drilling to verify the historical datasets and
expand on the historical estimate in order to establish a mineral resource
estimate in accordance with the JORC Code.
Eleonore North Gold and Antimony Project
GreenX has previously announced that high grade antimony mineralisation had
been identified at its Eleonore North project in Greenland (Eleonore North or
ELN), based on historical results recently released by the Geological Survey
of Denmark and Greenland (GEUS). The historical results indicate the potential
for a high-grade antimony-gold mineral system at ELN. Antimony prices have
been on a rapid uptrend since China announced antimony export controls from 15
September 2024, with antimony prices in the US now having increased to over
US$60,000/t from US$18,300/t.
Noa Prospect - potentially large-scale bulk tonnage gold/antimony
The Noa Prospect is located within the ELN Project on exploration licence MEL
2023-39 and has the potential to host a RIRGS, analogous to large bulk-tonnage
deposit types found in Canada including Donlin Creek, Fort Knox and Dublin
Gulch.
· Gold and antimony mineralisation documented at the high-priority
Noa Prospect within Eleonore North
· Geophysical "bullseye" anomaly 6 km wide co-incident with elevated
gold and antimony mineralisation from historical geochemical sampling
· Anomalous gold mineralisation associated with quartz veining
exposed at surface over a length of up to 15 km
· Historical individual specimens grading up to 23% antimony (Sb),
and other samples up to 4g/t gold (Au)
· Previously reported historical data confirmed the presence of gold
and high-grade antimony in outcropping veins at ELN, including:
o 14 m long chip sample grading 7.2% Sb and 0.53g/t Au
o 40 m chip line with a length weighed average of 0.78g/t Au
· Antimony mineralisation has been identified along a ~4km trend in
veins and structures, that broadly aligns with previously identified gold
veining at surface within a 15 km trend
Eleonore North hosts antimony and gold-bearing veins in an area sitting above
a geophysical anomaly at Noa interpreted to be a pluton (Figure 5). A passive
seismic survey in 2023 showed evidence for multiple blind intrusions rising to
just beneath the surface, and processing of results in 3D identified 1-2 km
wide elongated plutons, which are priority targets.
Figure 7: Historical results show evidence for high-grade antimony and gold
mineralisation above the interpreted pluton at Noa.
Margeries Prospects - high grade tungsten and antimony Historical Estimate
The Margeries Prospects are also located within the ELN Project on the
exploration licence MEL 2018-19 where high grade tungsten and antimony
mineralisation has been identified as historical estimates:
· 83 kt of mineralised rock with a mean grade of 4.6% Sb at North
Margeries
· 58.1 kt of mineralised rock grading 3.2% W at South Margeries
· 32 kt of mineralised rock grading 1% W at North Margeries
Over 2,000 m of historical drilling has been completed, with core still
available in Greenland, together with scoping-level metallurgical test work on
tungsten. GreenX will revisit and re-analyse the historical drilling and
metallurgical data with an aim to report in accordance with the JORC Code.
Cautionary statement: The Historical Estimate referred to above are not
reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the Historical Estimate as a mineral resource or
ore reserve in accordance with the JORC Code. It is uncertain that following
evaluation and/or further exploration work that the Historical Estimate will
be able to be reported as a mineral resource or ore reserve in accordance with
the JORC Code.
Figure 8: Location map for the Margeries Prospects within MEL 2018-19.
Next steps for Eleonore North (2026 program planning)
Over the coming months, GreenX will finalise the ELN exploration program for
2026 to further define and prioritise potential drill targets, including:
Noa Prospect:
· Process the historical hyperspectral survey
· Field mapping and sampling to ground-truth RIRGS targets and
identify drill targets
Margeries Prospects:
· Collect bulk sample material for both tungsten and antimony
metallurgical sighter test work
· Inspect the archive core with a view to obtaining samples for
re-analysis and metallurgical sighter test work
· Reprocessing of historic geophysics/hyperspectral data and field
mapping to identify drill targets
ARCTIC RIFT COPPER PROJECT (ARC) AND JOINT VENTURE
Given the prospectivity and focus on Tannenberg in Germany and at Eleonore
North, and following a review of its portfolio of projects and the most
efficient and effective use of the Company's resources, GreenX has agreed to
wind up the ARC joint venture and as a result it has fully impaired the
exploration and evaluation asset. The Company is currently in the process of
relinquishing the ARC exploration licence held in Greenland and winding up the
joint venture entity which is now expected to be completed in the second half
of 2026.
Singapore Court Dismisses Poland's Set-Aside Application
Subsequent to the period, the Company announced that the Singapore Court
rejected, in its entirety, Poland's application to set aside the ECT award,
thereby upholding GreenX's previously announced right to compensation under
the ECT.
In January 2025, Poland lodged a request to set-aside the ECT award in the
Singapore Court challenging jurisdictional aspects of the ECT award and
alleged procedural unfairness in the Tribunal's decision on damages.
GreenX advised that the Singapore Court has now issued a judgment whereby it
has rejected, in its entirety, Poland's application to set aside the ECT
award.
The Company has also been awarded A$1.6 million by the Singapore Court that is
to be paid by Poland to reimburse the company for legal costs associated with
defending Poland's failed ECT set-aside motion.
A redacted judgment has been released by the Singapore Court. The Company
intends to bring the judgment to the attention of the English courts as part
of the BIT set-aside proceedings. In February 2026, Poland applied to the
Court of Appeal of the Republic of Singapore to appeal the Singapore Courts
rejection of its ECT set-aside motion. It is expected that this appeal will be
dealt with expeditiously by the Singapore appeal court with Poland then having
no further rights of appeal. The threshold to succeed on a set aside motion in
either the Singapore or English courts is very high, with the courts rejecting
set-aside applications in the vast majority of cases.
The Company is currently preparing enforcement activities following the
Singapore Courts rejection of Poland's initial ECT set-aside motion.
The Company will continue to defend its awards and update the market in line
with its continuous disclosure requirements.
Corporate
Subsequent to the period, the Company announced that it had successfully
completed a bookbuild and secured firm commitments for a placement to raise
gross proceeds of approximately A$13.6 million.
The net proceeds from the placement will be used for exploration and
development activities at Tannenberg and Eleonore North, and general working
capital, including costs in relation to the Company's ongoing arbitration and
set-aside proceedings against Poland.
Directors
The names and details of the Company's Directors in office at any time during
the half-year and until the date of this report are:
Directors:
Mr Ian
Middlemas
Chairman
Mr Benjamin Stoikovich Director
and CEO
Mr Garry Hemming
Non-Executive Director
Mr Mark
Pearce
Non-Executive Director
Unless otherwise shown, all Directors were in office from the beginning of the
half-year until the date of this report.
Results of Operations
The net loss of the Consolidated Entity for the half-year ended 31 December
2025 was $8,212,005 (31 December 2024: $2,092,947). Significant items
contributing to the current half-year loss and the substantial differences
from the previous half-year include to the following:
(i) Arbitration related expenses of $1,017,518 (31 December
2024: $723,787) relating to the ongoing claim against Poland including
set-aside defence costs (which are currently unfunded). This has been offset
by the arbitration funding income of nil (31 December 2024: $251,593);
(ii) Exploration and evaluation expenses of $824,077 (31
December 2024: $338,762), which is attributable to the Group's accounting
policy of expensing exploration and evaluation expenditure incurred by the
Group subsequent to the acquisition of rights to explore and up to the
commencement of a bankable feasibility study for each separate area of
interest;
(iii) Non-cash share-based payment expense of $587,011 (December
2024: $81,000) due to incentive securities issued to key management personnel
and other key employees and consultants of the Group as part of the long-term
incentive plan to reward key management personnel and other key employees and
consultants for the long-term performance of the Group;
(iv) Business development expenses of $272,773 (31 December 2024:
$314,855) which includes expenses relating to the Group's review of new
business and project opportunities; including business development costs for
the Tannenberg transaction in the prior period, plus also investor relations
activities during the six months to 31 December 2025 including public
relations, digital marketing, and business development consultant costs;
(v) Exploration and evaluation asset impairment of $4,415,000
(31 December 2024: nil), relating to the impairment of the exploration and
evaluation asset previously recognised in relation to the ARC project as a
result of the Company agreeing to wind up the ARC joint venture and relinquish
the exploration licence in Greenland; and
(vi) Interest income of $76,189 (31 December 2024: $141,391)
earned on cash and cash equivalents held by the Group.
Financial Position
At 31 December 2025 the Company had net assets of $6,819,371 (30 June 2025:
$14,322,747) a decrease of approximately 53% compared with 30 June 2025. This
is largely attributable to expenditure on the arbitration related expenses and
decrease of the exploration and evaluation asset following the impairment of
ARC. Subsequent to the end of the period, the Company completed a placement to
raise gross proceeds of approximately $13.6 million. Following the completion
of the placement, the Company had cash reserves of approximately $14.6
million.
Selected Financial Data (Converted Into PLN And EUR)
Half-Year Ended Half-Year Ended Half-Year Ended Half-Year Ended
31 December 2025
31 December 2024
31 December 2025
31 December 2024
PLN
PLN
EUR
EUR
Arbitration finance facility income - 657,804 - 153,070
Exploration and evaluation expenses (1,977,278) (885,710) (464,848) (206,103)
Arbitration related expenses (2,441,416) (1,892,377) (573,965) (440,352)
Net loss for the period (19,703,739) (5,472,116) (4,632,250) (1,273,350)
Net cash flows from operating activities (3,651,542) (4,906,747) (858,459) (1,141,790)
Net cash flows from investing activities (8,373,619) (505,887) (1,968,596) (117,719)
Net cash flows from financing activities 888,978 (704,556) 208,994 (163,949)
Net decrease in cash and cash equivalents (11,136,183) (6,117,190) (2,618,061) (1,423,458)
Basic and diluted loss per share (Grosz/EUR cents per share) (6.91) (1.95) (1.62) (0.45)
31 December 2025 30 June 2025 31 December 2025 30 June 2025
PLN
PLN
EUR
EUR
Cash and cash equivalents 5,259,671 16,141,555 1,244,392 3,805,265
Total Assets 25,936,956 43,238,938 6,136,455 10,193,295
Total Liabilities 9,522,044 9,371,373 2,252,832 2,209,239
Net Assets 16,414,912 33,867,566 3,883,624 7,984,056
Contributed equity 237,929,753 225,081,124 55,936,090 53,061,393
Figures of the consolidated statement of profit or loss and other
comprehensive income and consolidated statement of cash flows have been
converted into PLN and EUR by applying the arithmetic average for the final
day of each month for the reporting period, as published by the National Bank
of Poland (NBP). These exchange rates were 2.3994 AUD:PLN and 4.2536 PLN:EUR
for the six months ended 31 December 2025, and 2.6146 AUD:PLN and 4.2974
PLN:EUR for the six months ended 31 December 2024.
Assets and liabilities in the consolidated statement of financial position
have been converted into PLN and EUR by applying the exchange rate on the
final day of each respective reporting period as published by the NBP. These
exchange rates were: 2.4071 AUD:PLN and 4.2267 PLN:EUR on 31 December 2025,
and 2.3646 AUD:PLN and 4.2419 PLN:EUR on 30 June 2025.
Business Strategies and Prospects for Future Financial Years
GreenX's strategy is to create long-term shareholder value through the
discovery, exploration, development and acquisition of technically and
economically viable mineral deposits. This also includes defending the
set-aside motions relating to the Claim, and subsequently enforcing the Award
against Poland in the short to medium term.
To date, the Group has not commenced production of any minerals, nor has it
identified any Ore reserves in accordance with the JORC Code. To achieve its
objective, the Group currently has the following business strategies and
prospects over the medium to long term:
· Continue to strongly defend the set-aside motions and prepare
to enforce the ECT Award against Poland;
· Continue ongoing exploration programs at Tannenberg including
completion of historical core logging/assaying and hyperspectral scanning,
continued reprocessing/interpretation of historical geophysics and datasets,
and advancing plans for twin drilling to verify historical estimates and
underpin a Mineral Resource;
· Continue with exploration activities at Eleonore North in
Greenland; and
· Identify and assess other suitable business opportunities in
the resources sector.
All of these activities are inherently risky and the Board is unable to
provide certainty of the expected results of these activities, or that any or
all of these likely activities will be achieved. Furthermore, GreenX will
continue to take all necessary actions to preserve the Company's rights and
defend its BIT and ECT awards made against Poland. The material business risks
faced by the Group that could have an effect on the Group's future prospects,
and how the Group manages these risks, include the following:
· Litigation risk - All industries, including the mining
industry, are subject to legal and arbitration claims. Specifically, and as
noted above, the Company was successful in its arbitration claim against
Poland and has been awarded £252 million in compensation (plus ongoing
interest) for breach of Poland's obligations under the BIT and ECT treaties.
Subsequently, in November 2024, Poland lodged a request to set-aside the BIT
award in the courts of England and Wales and in January 2025 Poland lodged
it's request to set-aside the ECT award in the Singapore Courts. In January
2026, the Singapore Court issued a judgment whereby it rejected, in its
entirety, Poland's application to set aside the ECT award. Poland has since
applied to the Court of Appeal of the Republic of Singapore to appeal the
Singapore Courts dismissal of its ECT set-aside motion (refer to announcement
dated 12 January 2026). If Poland's set-aside motions and appeals are not
rejected, and the original award is not upheld or the damages amount is
altered compared to original amount awarded, then this may have a material
impact on the value of the Company's securities.
· Operations in overseas jurisdictions risk - The Company's
exploration projects are located overseas, in Germany and Greenland, and as
such, the operations of the Company will be exposed to related risks and
uncertainties associated with overseas country, and with regional and local
jurisdictions. Opposition to the projects, or changes in local community
support for the projects, along with any changes in mining or investment
policies or in political attitude in Germany or Greenland and, in particular
to the mining, processing or use of copper or gold, may adversely affect the
operations, delay or impact the approval process or conditions imposed,
increase exploration and development costs, or reduce profitability of the
Company. Moreover, logistical difficulties may arise due to the assets being
located overseas such as the incurring of additional costs with respect to
overseeing and managing the projects, including expenses associated with
taking advice in relation to the application of local laws as well as the cost
of establishing a local presence in Greenland. Fluctuations in the currency of
Germany or Greenland may also affect the dealings and operations of the
Company.
Failure to comply strictly with applicable laws, regulations and local
practices relating to mineral rights applications and tenure, could result in
loss, reduction or expropriation of entitlements, or the imposition of
additional local or foreign parties as joint venture partners with carried or
other interests. Further, the outcomes in courts in Germany or Greenland may
be less predictable than in Australia, which could affect the enforceability
of contracts entered into by the Company.
Eleonore North is remotely located in an area that has an arctic climate and
that is categorised as an arctic desert, and as such, the operations of the
Company will be exposed to related risks and uncertainties of arctic
exploration, including adverse weather or ice conditions which may and has
prevented access to the project, which can impact exploration and field
activities or generate unexpected costs. It is not possible for the Company to
predict or protect the Company against all such risks.
The Company also had previous operations in Poland which may be subject to
regulations concerning protection of the environment, including at the
Debiensko and Kaczyce projects which have both been relinquished by the
Company. As with all exploration projects and mining operations, activities
will have an impact on the environment including the possible requirement to
make good any disturbed or damaged land.
Existing and possible future environmental protection legislation, regulations
and actions could cause additional expense, capital expenditures and
restrictions, the extent of which cannot be predicted which could have a
material adverse effect on the Company's business, financial condition and
results of operations.
· Joint venture contractual risk - The Company's Tannenberg
project is subject to a joint venture agreement with Group 11. The Company's
ability to achieve its objectives may be dependent on it and the joint venture
party complying with their obligations under joint venture agreement. Any
failure to comply with these obligations may result in the Company not being
unable to achieve its commercial objectives, which may have a material adverse
effect on the Company's operations and the performance and value of its
shares. There is also the risk of disputes arising with the Company's joint
venture partner, the resolution of which could lead to delays in the Company's
proposed development activities or financial loss. The nature of the joint
venture may change in future, including the ownership structure and voting
rights, which may have an effect on the ability of the Company to influence
decisions at Tannenberg. The operations of the Company require the involvement
of a number of third parties, in addition Group 11, including consultants,
contractors and suppliers. Financial failure, default or contractual
non-compliance on the part of such third parties may have a material impact on
the Company's operations and performance. It is not possible for the Company
to predict or protect the Company against all such risks.
· The Group's exploration and development activities will
require further capital - The exploration and any development of the Company's
exploration properties will require substantial additional financing. Failure
to obtain sufficient financing may result in delaying or indefinite
postponement of exploration and any development of the Company's properties or
even a loss of property interest. There can be no assurance that additional
capital or other types of financing will be available if needed or that, if
available, the terms of such financing will be favourable to the Company.
· The Group's exploration properties may never be brought into
production - The exploration for, and development of, mineral deposits
involves a high degree of risk. Few properties which are explored are
ultimately developed into producing mines. To mitigate this risk, the Company
will undertake systematic and staged exploration and testing programs on its
mineral properties and, subject to the results of these exploration programs,
the Company will then progressively undertake a number of technical and
economic studies with respect to its projects prior to making a decision to
mine. However, there can be no guarantee that the studies will confirm the
technical and economic viability of the Company's mineral properties or that
the properties will be successfully brought into production.
· The Group may be adversely affected by fluctuations in
commodity prices - The price of commodities (in the case of the Company -
gold, copper and antimony) fluctuates widely and is affected by numerous
factors beyond the control of the Group. Future production, if any, from the
Group's mineral properties will be dependent upon commodity prices being
adequate to make these properties economic. The Group currently does not
engage in any hedging or derivative transactions to manage commodity price
risk. As the Group's operations change, this policy will be reviewed
periodically going forward.
· The Group may be adversely affected by competition within the
resources industry - The Group competes with other domestic and international
exploration and development companies, some of whom have larger financial and
operating resources. Increased competition could lead to higher supply or
lower overall pricing. There can be no assurance that the Company will not be
materially impacted by increased competition. In addition, the Group is
continuing to secure additional surface and mineral rights, however there can
be no guarantee that the Group will secure additional surface and mineral
rights, which could impact on the results of the Group's operations.
· The Company may be adversely affected by fluctuations in
foreign exchange - Current and planned activities are predominantly
denominated in Sterling, Euros and/or Danish krone and the Company's ability
to fund these activates may be adversely affected if the Australian dollar
continues to fall against these currencies. The Company currently does not
engage in any hedging or derivative transactions to manage foreign exchange
risk. As the Company's operations change, this policy will be reviewed
periodically going forward.
RELATED PARTY DISCLOSURE
Balances and transactions between the Company and its subsidiaries, which are
related parties to the Company, have been eliminated on consolidation. There
have been no other transactions with related parties during the half-year
ended 31 December 2025, other than remuneration for Key Management Personnel
and payments of $165,000 (31 December 2024: $156,000) to Apollo Group Pty Ltd,
a Company of which Mr Mark Pearce is a Director and beneficial shareholder,
for the provision of administrative, secretarial and corporate services. The
amount is based on a monthly retainer due and payable in advance, with no
fixed term, and is able to be terminated by either party with one month's
notice. This item has been recognised as an expense in the Statement of Profit
or Loss and other Comprehensive Income.
SUBSTANTIAL SHAREHOLDERS (shareholder with voting power of at least 5%)
Substantial Shareholder notices have been received by the following:
Substantial Shareholder Number of Shares/Votes
CD Capital Natural Resources Fund III LP 50,487,925
ORDINARY SHARES HELD BY DIRECTORS'
At the Date of this Report 31 December 2025 30 June 2025
Mr Ian Middlemas 11,660,000 11,660,000 11,660,000
Mr Benjamin Stoikovich 2,047,995 2,047,995 819,406
Mr Garry Hemming - - -
Mr Mark Pearce 2,728,589 2,728,589 2,700,000
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
(i) On 12 January 2026, GreenX advised that the Singapore Court issued a
judgment whereby it rejected, in its entirety, Poland's application to set
aside the ECT award. Poland has since applied to the Court of Appeal of the
Republic of Singapore to appeal the Singapore Courts dismissal of its ECT
set-aside motion. It is expected that this appeal will be dealt with
expeditiously by the Singapore appeal court with Poland then having no further
rights of appeal. The Company was also awarded A$1.6 million by the Singapore
Court that is to be paid by Poland to reimburse the Company for legal costs
associated defending Poland's failed set-aside motion;
(ii) On 30 January 2026, the Company issued deferred consideration of $1
million GreenX shares to retain its 100% interest in the Eleonore North
project; and
(iii) In February 2026, the Company completed a placement to raise gross
proceeds of approximately $13.6 million from new and existing investors.
Other than as disclosed above, there were no significant events occurring
after balance date requiring disclosure.
AUDITOR'S INDEPENDENCE DECLARATION
Section 307C of the Corporations Act 2001 requires our auditors, UHY Haines
Norton, to provide the Directors of GreenX Metals Limited with an Independence
Declaration in relation to the review of the half-year financial report. This
Independence Declaration is provided below and forms part of this Directors'
Report.
Signed in accordance with a resolution of the Directors.
BEN STOIKOVICH
Director
11 March 2026
Competent Persons Statement
The information in this report that relates to exploration results were
extracted from the ASX announcements dated 15 July 2024, 2 August 2024, 27
November 2024, 28 April 2025, 9 September 2025 and 20 November 2025 which are
available to view at www.greenxmetals.com (http://www.greenxmetals.com) .
The information in this announcement that relates to historical estimates for
Tannenberg were extracted from the ASX announcement dated 20 October 2025,
entitled 'GreenX Uncovers Historical Estimate at Tannenberg Copper Project'
(Original Announcement).
GreenX confirms that (a) it is not in possession of any new information or
data relating to the historical estimates that materially impacts on the
reliability of the estimates or GreenX's ability to verify the historical
estimates as mineral resources or ore reserves in accordance with the JORC
Code; (b) that the supporting information provided in the Original
Announcement referred to in ASX Listing Rule 5.12 continues to apply and has
not materially changed; and (c) the form and context in which the Competent
Person's findings are presented have not been materially modified from the
Original Announcement.
GreenX confirms that (a) it is not aware of any new information or data that
materially affects the information included in the original announcement; (b)
all material assumptions and technical parameters underpinning the content in
the relevant announcement continue to apply and have not materially changed;
and (c) the form and context in which the Competent Person's findings are
presented have not been materially modified from the original announcements.
The information in this announcement that relates to the historical estimate
for Eleonore North were extracted from the ASX announcement dated 24 November
2025, entitled 'Greenx Targeting Gold, Tungsten & Antimony At Eleonore
North Project In Greenland' (ELN Original Announcement).
GreenX confirms that (a) it is not in possession of any new information or
data relating to the historical estimate that materially impacts on the
reliability of the estimates or GreenX's ability to verify the historical
estimates as mineral resources or ore reserves in accordance with the JORC
Code; (b) that the supporting information provided in the ELN Original
Announcement referred to in ASX Listing Rule 5.12 continues to apply and has
not materially changed; and (c) the form and context in which the Competent
Person's findings are presented have not been materially modified from the ELN
Original Announcement.
Forward Looking Statements
This release may include forward-looking statements. These forward-looking
statements are based on GreenX's expectations and beliefs concerning future
events. Forward looking statements are necessarily subject to risks,
uncertainties and other factors, many of which are outside the control of
GreenX, which could cause actual results to differ materially from such
statements. GreenX makes no undertaking to subsequently update or revise the
forward-looking statements made in this release, to reflect the circumstances
or events after the date of that release.
DIRECTORS' DECLARATION
In accordance with a resolution of the Directors of GreenX Metals Limited, I
state that:
In the reasonable opinion of the Directors and to the best of their knowledge:
(a) the attached financial statements and notes thereto for the
period ended 31 December 2025 are in accordance with the Corporations Act
2001, including:
(i) complying with Accounting Standard AASB 134 Interim
Financial Reporting and the Corporations Regulations 2001; and
(ii) giving a true and fair view of the financial position of
the Group as at 31 December 2025 and of its performance for the half-year
ended on that date; and
(b) The Directors Report, which includes the Operating and
Financial Review, includes a fair review of:
(i) important events during the first six months of the current
financial year and their impact on the half-year financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
(ii) related party transactions that have taken place in the first six
months of the current financial year and that have materially affected the
financial position or performance of the Group during that period, and any
changes in the related party transactions described in the last annual report
that could have such a material effect; and
(c) there are reasonable grounds to believe that the Company
will be able to pay its debts as and when they become due and payable.
On behalf of the Board
BEN STOIKOVICH
Director
11 March 2026
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
Note Half-Year Ended Half-Year Ended
31 December 2025
31 December 2024
$
$
Interest Income 76,189 141,391
Exploration and evaluation expenses (824,077) (338,762)
Employment expenses (469,428) (524,939)
Administration and corporate expenses (293,888) (300,693)
Occupancy expenses (392,934) (210,406)
Share-based payment expense 13(a) (587,012) (81,000)
Business development expenses (272,773) (314,855)
Arbitration related expenses (1,017,518) (723,787)
Exploration and evaluation assets impairment 6 (4,415,000) -
Other (expense)/income 4(a) (15,564) 260,104
Loss before income tax (8,212,005) (2,092,947)
Income tax expense - -
Net loss for the period (8,212,005) (2,092,947)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations 9,264 (46,593)
Total other comprehensive loss for the period 9,264 (46,593)
Total comprehensive loss for the period (8,202,741) (2,139,540)
Net loss attributable to:
Owners of the parent (8,103,809) (2,087,681)
Non-controlling interests (108,196) (5,266)
(8,212,005) (2,092,947)
Total comprehensive loss for the year, net of tax attributable to:
Owners of the parent (8,094,545) (2,134,274)
Non-controlling interests (108,196) (5,266)
(8,202,741) (2,139,540)
Basic and diluted loss per share (cents per share) (2.88) (0.75)
The above Consolidated Statement of Profit or Loss and other Comprehensive
Income should
be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
Note 31 December 2025 30 June 2025
$
$
ASSETS
Current Assets
Cash and cash equivalents 2,185,065 6,826,337
Trade and other receivables 5(a) 618,479 559,586
Total Current Assets 2,803,544 7,385,923
Non-Current Assets
Exploration and evaluation assets 6 7,045,740 10,663,185
Property, plant and equipment 8 711,212 17,945
Other 5(b) 214,691 218,890
Total Non-Current Assets 7,971,643 10,900,020
TOTAL ASSETS 10,775,187 18,285,943
LIABILITIES
Current Liabilities
Trade and other payables 9 2,248,326 2,347,703
Other financial liabilities 10(a) 271,135 533,161
Provisions 11(a) 622,021 777,756
Total Current Liabilities 3,141,482 3,658,620
Non-Current Liabilities
Other financial liabilities 10(b) 458,746 -
Provisions 11(b) 355,588 304,576
Total Non-Current Liabilities 814,334 304,576
TOTAL LIABILITIES 3,955,816 3,963,196
NET ASSETS 6,819,371 14,322,747
EQUITY
Contributed equity 12 99,162,876 95,187,822
Reserves 13 7,616,635 10,883,812
Accumulated losses (99,847,078) (91,743,269)
Equity Attributable to Members of GreenX Metals Limited 6,932,433 14,328,365
Non-controlling interests (113,062) (5,618)
TOTAL EQUITY 6,819,371 14,322,747
The above Consolidated Statement of Financial Position should
be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
Equity Attributable to Members of GreenX Metals Limited
Contributed Equity Share-based Payments Reserve Foreign Currency Translation Reserve Other Equity Accumulated Losses Total Non-controlling interest Total
Equity
$ $ $ $ $ $ $ $
Balance at 1 July 2025 95,187,822 4,616,748 55,806 6,211,258 (91,743,269) 14,328,365 (5,618) 14,322,747
Net loss for the period - - - - (8,103,809) (8,103,809) (108,196) (8,212,005)
Other comprehensive income for the half-year
Exchange differences on translation of foreign operations - - 9,264 - - 9,264 - 9,264
Total comprehensive loss for the period - - 9,264 - (8,103,809) (8,094,545) (108,196) (8,202,741)
Transaction with owners recorded directly in equity
Recognition of non-controlling interest - - - 6,767 - 6,767 752 7,519
Issue of shares 3,495,000 - - - - 3,495,000 - 3,495,000
Share issue costs (35,166) - - - - (35,166) - (35,166)
Transfer from SBP Reserve 515,220 (515,220) - - - - - -
Lapse of unvested Performance Rights - (3,355,000) - - - (3,355,000) - (3,355,000)
Recognition of share-based expense - 587,012 - - - 587,012 - 587,012
Balance at 31 December 2025 99,162,876 1,333,540 65,070 6,218,025 (99,847,078) 6,932,433 (113,062) 6,819,371
Balance at 1 July 2024 89,918,183 4,560,793 185,998 6,211,258 (85,728,384) 15,147,848 1,862 15,149,710
Net loss for the period - - - - (2,087,681) (2,087,681) (5,266) (2,092,947)
Other comprehensive income for the half-year
Exchange differences on translation of foreign operations - - (46,593) - - (46,593) - (46,593)
Total comprehensive loss for the period - - (46,593) - (2,087,681) (2,134,274) (5,266) (2,139,540)
Transaction with owners recorded directly in equity
Issue of shares 786,000 - - - - 786,000 - 786,000
Share issue costs (71,648) - - - - (71,648) - (71,648)
Balance at 31 December 2024 90,632,535 4,560,793 139,405 6,211,258 (87,816,065) 13,727,926 (3,404) 13,724,522
The above Consolidated Statement of Changes in Equity
should be read in conjunction with the accompanying notes.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
Half-Year Ended Half-Year Ended
31 December 2025
31 December 2024
$
$
Cash flows from operating activities
Payments to suppliers and employees (1,201,922) (1,614,265)
Interest revenue from third parties 97,179 142,387
Payments for exploration and expenditure (417,126) (404,829)
Net cash outflow from operating activities (1,521,869) (1,876,707)
Cash flows from investing activities
Payments for property, plant and equipment (13,155) (3,087)
Payments for arbitration related expenses (2,666,250) -
Payments for exploration and expenditure (810,500) (190,403)
Net cash outflow from investing activities (3,489,905) (193,490)
Cash flows from financing activities
Proceeds from issue of shares 495,000 -
Payments for share issue costs (35,166) (110,532)
Payments for lease liabilities (89,332) (158,943)
Net cash inflow / (outflow) from financing activities 370,503 (269,475)
Net decrease in cash and cash equivalents (4,641,272) (2,339,672)
Cash and cash equivalents at the beginning of the period 6,826,337 7,170,793
Cash and cash equivalents at the end of the period 2,185,065 4,831,121
The above Consolidated Statement of Cash Flows
should be read in conjunction with the accompanying notes.
CONDENSED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
1. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(a) Statement of Compliance
The interim consolidated financial statements of the Group for the half-year
ended 31 December 2025 were authorised for issue in accordance with the
resolution of the Directors.
This general purpose financial report for the interim half-year reporting
period ended 31 December 2025 has been prepared in accordance with Accounting
Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001.
This interim financial report does not include all the notes of the type
normally included in an annual financial report. Accordingly, this report is
to be read in conjunction with the annual report of GreenX Metals Limited for
the year ended 30 June 2025 and any public announcements made by the Company
and its controlled entities during the interim reporting period in accordance
with the continuous disclosure requirements of the Corporations Act 2001.
2. BASIS OF PREPARATION AND CHANGES TO THE GROUP'S ACCOUNTING POLICIES
(a) Basis of Preparation of Half-Year Financial Report
The consolidated financial statements have been prepared on the basis of
historical cost. Cost is based on the fair values of the consideration given
in exchange for assets. All amounts are presented in Australian dollars. The
financial statements have been prepared on the going concern basis, which
contemplates the continuity of normal business activity and the realisation of
assets and the settlement of liabilities in the normal course of business.
(b) New Standards, interpretations and amendments thereof, adopted by the Group
The accounting policies and methods of computation adopted in the preparation
of the consolidated half-year financial report are consistent with those
adopted and disclosed in the company's annual financial report for the year
ended 30 June 2025 and the comparative interim period, other than as detailed
below.
In the current period, the Group has adopted all of the new and revised
Standards and Interpretations issued by the Australian Accounting Standards
Board (the AASB) that are relevant to its operations and effective for annual
reporting periods beginning on or after 1 July 2025.
New and revised Standards and amendments thereof and Interpretations effective
for the current half-year that are relevant to the Group include:
AASB 2020-1 Amendments to Australian Accounting Standards - Classification of
Liabilities as Current or Non-Current The Group has not early adopted any
other standard, interpretation or amendment that has been issued but is not
yet effective.
(c) Issued standards and interpretations not early adopted
Australian Accounting Standards and Interpretations that have recently been
issued or amended but are not yet effective have not been adopted by the
Company for the reporting period ended 31 December 2025. Those which may be
relevant to the Company are set out in the table below, but these are not
expected to have any significant impact on the Company's financial statements:
Standard/Interpretation Application Date of Standard Application Date for Company
AASB 2024-2 Amendments to AASs - Classification and Measurement of Financial 1 January 2026 1 July 2026
Instruments
AASB 2024-3 Amendments to AASs - Annual Improvements Volume II. Amendments to 1 January 2026 1 July 2026
AASB 1, AASB 7, AASB 9, AASB 10 and AASB 107
AASB 2025-2 Amendments to AASs - Classification and Measurement of Financial 1 January 2026 1 July 2026
Instruments: Tier 2 Disclosures
AASB 18 Presentation and Disclosure in Financial Statements 1 January 2027 1 July 2027
3. SEGMENT INFORMATION
AASB 8 requires operating segments to be identified on the basis of internal
reports about components of the Consolidated Entity that are regularly
reviewed by the chief operating decision maker in order to allocate resources
to the segment and to assess its performance.
The Consolidated Entity operates in one segment, being mineral exploration.
This is the basis on which internal reports are provided to the Chief
Executive Officer for assessing performance and determining the allocation of
resources within the Consolidated Entity.
Half-Year ended 31 December 2025 Half-Year ended
$
31 December 2024
$
4. REVENUE AND OTHER INCOME
(a) Other (expense)/income
Arbitration finance facility income - 251,593
Other (15,564) 8,511
(15,564) 260,104
31 December 2025 30 June 2025
$
$
5. TRADE AND OTHER RECEIVABLES
(a) Current
Trade receivables 82,522 184,794
Interest receivable 712 21,737
Deposits/prepayments 344,305 102,567
GST and other receivables 190,940 250,488
618,479 559,586
(b) Non-Current
Deposits/prepayments 214,691 218,890
Arctic Rift Copper Project Eleonore North Project Tannenberg Project Total
$
$
$
$
6. EXPLORATION AND EVALUATION ASSETS
Carrying amount at 1 July 2025 7,770,000 1,902,906 990,279 10,663,185
Tannenberg acquisition consideration: Issue of 3,487,147 Ordinary Shares - - 3,000,000 3,000,000
(Notes 7 and 12)
ELN deferred consideration: Issue of 1,141,409 Ordinary Shares(1) 1,000,000 - 1,000,000
Tannenberg expenditure - - 685,716 685,716
Exploration costs funded by project BHP Xplor program(2) (533,161) (533,161)
Reversal of unvested Performance Rights (Note 13) (3,355,000) - - (3,355,000)
Exploration and evaluation assets written off(3) (4,415,000) - - (4,415,000)
Carrying amount at 31 December 2025(3) - 2,902,906 4,142,834 7,045,740
Notes:
(1 ) In July 2024, GreenX entered into a revised
agreement to acquire 100% of the Eleonore North project. As part of the
revised agreement, a deferred payment of A$1,000,000 in cash or GreenX shares
was required to be made for GreenX to retain its 100% interest in ELN project
after 31 December 2025. On 24 November 2025, GreenX announced that it would
retain its interest in ELN and subsequent to the end of the period, GreenX
issued 1,141,409 ordinary shares (subject to 12 months escrow) to satisfy the
deferred payment.
(2) Relates to amounts funded by the grant received from BHP in
respect of the BHP Xplor program. The Company received a total of $790,071
(US$500,000), in funding pursuant to the Xplor program, with $533,161 of the
grant spent during the period.
(3 ) The ultimate recoupment of costs carried
forward for exploration and evaluation is dependent on the successful
development and commercial exploitation or sale of the respective areas of
interest. An impairment expense was recognised during the period $4,415,000
(31 December 2024: nil) in relation to areas of interest where no future
exploration and evaluation activities are expected.
7. ASSET ACQUISITION
On 2 August 2024, GreenX entered into JVA with Group 11 through which GreenX
could earn a 90% interest in Tannenberg. As a result of the progress made on
the Project during the period, GreenX elected to acquire 90% of the fully
diluted share capital of Group 11. On electing to acquire 90% of Group 11,
GreenX was required to pay A$3,000,000 to the vendors in GreenX shares which
resulted in the issue of 3,487,147 Ordinary Shares (refer to Notes 6 and 12).
In line with relevant accounting standards, the Company has treated the
acquisition of Group 11 as an asset acquisition and a share-based payment
transaction under AASB 2 Share Based Payments. At the time of acquiring 90% of
Group 11, Group 11 did not hold any material assets or liabilities, other than
the Tannenberg exploration licences.
Plant and Right-of-use assets Total
equipment
$ $ $
8. PROPERTY, PLANT AND EQUIPMENT
Carrying amount at 1 July 2025 6,212 11,733 17,945
Additions 13,155 904,897 918,052
Depreciation and amortisation (4,230) (220,555) (224,785)
Carrying amount at 31 December 2025 15,137 696,075 711,212
- at cost 30,612 904,897 935,509
- accumulated depreciation and amortisation 15,475 208,822 224,297
Note 31 December 2025 30 June 2025
$
$
9. TRADE AND OTHER PAYABLES
Trade and other payables 1,031,629 745,236
ELN deferred consideration 6 1,000,000 -
Arbitration related expenses payable 216,697 1,602,467
2,248,326 2,347,703
31 December 2025 30 June 2025
$
$
10. OTHER FINANCIAL LIABILITIES
(a) Current:
Grant received, E&E expenditures not yet incurred - 533,161
Lease liability(1) 271,135 -
271,135 533,161
(b) Non-Current:
Lease liability(1) 458,746 -
458,746 -
Note:
(1 ) The New Lease commenced on 29 July 2025 with
the principal rent amount of £164,540 ($337,420) per annum commencing from
the start date of the New Lease, expiring on 30 June 2028. Refer to Note 8 for
the carrying amount of the right of use asset relating to the previous lease.
The Company has a lease agreement for the rental of a property. Refer to Note
8 for the carrying amount of the right of use asset relating to the lease. The
following are amounts recognised in the Statement of Profit and Loss: (i)
amortisation expense of right of use asset $220,555 (31 December 2024:
$$131,190); (ii) interest expense on lease liabilities of $62,424 (31 December
2024: $9,125); and (iii) rent expense of $26,947 (31 December 2024: $32,713).
31 December 2025 30 June 2025
$
$
11. PROVISIONS
(a) Current Provisions:
Provisions for the protection against mining damage at Debiensko(1) 618,163 772,727
Annual leave provision 3,858 5,029
622,021 777,756
(b) Non-Current Provisions:
Provisions for the protection against mining damage at Debiensko(1) 355,588 304,576
355,588 304,576
Note:
(1 ) As Debiensko was previously an operating
mine, the Group has provided for the pay out of mining land damages to
surrounding land owners who have made a legitimate legal claim under Polish
law.
Note 31 December 2025 30 June 2025
$
$
12. CONTRIBUTED EQUITY
(a) Issued and Unissued Capital
293,369,335 (30 June 2025: 287,083,089) fully paid ordinary shares 12(b) 99,162,876 95,187,822
Total Contributed Equity 99,162,876 95,187,822
(b) Movements in fully paid ordinary shares during the past six months
Date Details Number of Ordinary Shares $
1 Jul 25 Opening balance 287,083,089 95,187,822
28 Nov 25 Exercise of $0.45 incentive options 1,100,000 495,000
25 Nov 25 Exercise of $0.45 incentive options (cashless) 1,582,520 -
2 Dec 25 Exercise of $0.45 incentive options (cashless) 116,579 -
11 Dec 25 Issue of deferred consideration shares (Notes 6 and 7) 3,487,147 3,000,000
Jul 25 to Dec 25 Transfer from share-based payment reserve upon exercise of options - 515,220
Jul 25 to Dec 25 Share issue costs - (35,166)
31 Dec 25 Closing balance 293,369,335 99,162,876
Note 31 December 2025 30 June 2025
$
$
13. RESERVES
Share-based payments reserve 13(a) 1,333,540 4,616,748
Foreign currency translation reserve 65,070 55,806
Other equity reserve 6,218,025 6,211,258
7,616,635 10,883,812
(a) Movements in share-based payments reserve during the past six months
Date Details Number of Number of Performance Rights $
Incentive Options
1 Jul 2025 Opening balance 23,900,000 11,000,000 4,616,748
30 Nov 2025 Exercise of $0.45 incentive options (4,775,000) - (515,220)
1 Sep 2025 Issue of Incentive Options 600,000 - -
31 Dec 2025 Lapse of unvested Performance Rights - (11,000,000) (3,355,000)
(Note 6)
Jul 25 to Dec 25 Share-based payments expense - - 587,012
31 Dec 2025 Closing balance 19,725,000 - 1,333,540
14. CONTINGENT ASSETS AND LIABILITIES
Arbitration Award
In October 2024, an independent Tribunal unanimously held that Poland had
breached its obligations under the BIT and ECT treaties in relation to the Jan
Karski project, entitling GreenX to compensation. The Company has been awarded
a total of up to £252m (A$495m / PLN1.3bn) in compensation by the Tribunal,
plus interest of approximately six per cent per annum based on today's rates
(SONIA plus one per cent) until full and final satisfaction of the award by
Poland. Interest of approximately £14 million (A$28 million / PLN 70 million)
per annum is continuing to accrue.
All of GreenX's costs associated with the arbitration claim were funded on a
limited basis from Litigation Capital Management (LCM). To date, GreenX has
drawn down US$11.3 million from LCM. Once the award compensation is received
from Poland, LCM will be entitled to be paid back the US$11.3 million of
funding, a multiple of five times of the US$11.3 million and, from 1 January
2025, interest on the US$11.3 million at a rate of 30% per annum, compounding
monthly (which equates to interest of approximately US$3.4 million (£2.7
million / A$5.5 million / PLN 13.5 million) per annum). Net of the payments to
LCM, GreenX will pay six per cent of the balance of the award compensation to
key management directly involved in the case (as previously approved by
shareholders on 20 January 2021) and three per cent to key legal advisers who
assisted with the case on a reduced and fixed fee.
In November 2024, Poland lodged a request to set-aside the BIT award in the
courts of England and Wales and in January 2025 Poland has lodged a request to
set-aside the ECT award in the Singapore Courts. The Company is currently
strongly defending the set-aside motions. In January 2026, the Singapore Court
issued a judgment whereby it rejected, in its entirety, Poland's application
to set aside the ECT award. Poland has since applied to the Court of Appeal of
the Republic of Singapore to appeal the Singapore Courts dismissal of its ECT
set-aside motion.
Whilst the Company is confident in the strength of the award, as reflected in
the unanimous tribunal decision and the Singapore Courts dismissal of Poland's
ECT set-aside motion, the Company has not recognised an asset or any
corresponding liabilities in relation to the Award at 31 December 2025 while
the set-aside motions and appeals are ongoing and the outcome is not yet
known. Accordingly, the final outcome of Award is not virtually certain which
does not meet the recognition requirements for AASB 137, Provisions,
Contingent Liabilities and Contingent Assets. The Award has therefore been
classified as a contingent asset with the related liabilities recognised as a
contingent liability.
Tannenberg
On 2 August 2024, GreenX entered into the JVA with Group 11 through which
GreenX could earn a 90% interest in Tannenberg. As a result of the progress
made on the Project to date, GreenX elected to acquire 90% of the fully
diluted share capital of Group 11. Under the terms of the JVA, if a scoping
study is published by GreenX on the ASX regarding the Tannenberg license area
(or area of influence) on or before 1 August 2029, GreenX must issue the
vendor 5 million shares on the completion of the first such scoping study. As
there is a possible obligation that will only be confirmed by uncertain future
events, which is within the control of the Company, the deferred share payment
for Tannenberg has been classified as a contingent liability.
15. FINANCIAL INSTRUMENTS
The Group's financial assets and liabilities, which comprise of cash and cash
equivalents, trade and other receivables, trade and other payables and other
financial liabilities, may be impacted by foreign exchange movements. At 31
December 2025 and 30 June 2025, the carrying value of the Group's financial
assets and liabilities approximate their fair value.
16. DIVIDENDS PAID OR PROVIDED FOR
No dividend has been paid or provided for during the half-year (31 December
2024: nil).
17. SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
(i) On 12 January 2026, GreenX advised that the Singapore Court issued a
judgment whereby it rejected, in its entirety, Poland's application to set
aside the ECT award. Poland has since applied to the Court of Appeal of the
Republic of Singapore to appeal the Singapore Courts dismissal of its ECT
set-aside motion. It is expected that this appeal will be dealt with
expeditiously by the Singapore appeal court with Poland then having no further
rights of appeal. The Company was also awarded A$1.6 million by the Singapore
Court that is to be paid by Poland to reimburse the Company for legal costs
associated defending Poland's failed set-aside motion;
(ii) On 30 January 2026, the Company issued deferred consideration of $1
million GreenX shares to retain its 100% interest in the Eleonore North
project; and
(iii) In February 2026, the Company completed a placement to raise gross
proceeds of approximately $13.6 million from new and existing investors.
Other than as disclosed above, there were no significant events occurring
after balance date requiring disclosure.
AUDITOR'S INDEPENDENCE DECLARATION
INDEPENDENT AUDITOR'S REVIEW REPORT
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